The Indian Supreme Court has adjourned its hearing of the petition against the Reserve Bank of India (RBI) ban on banks facilitating cryptocurrency transactions. The apex court will deliver its final judgment on the matter on September 11, 2018.

Hearing Adjourned till September 11

Indian cryptocurrency traders still have a fair bit of waiting to do before knowing the fate of the market in the country. According to a series of tweets by Crypto Kanoon, a team of lawyers engaged in the virtual currency market, the nation’s apex court today (July 20, 2018), adjourned a hearing on the petition filed against the RBI ban to September 11, 2018. Read more...

]In a fresh new twist, the Reserve Bank of India (RBI) has admitted to issuing its ban on cryptocurrency-related accounts spontaneously, without taking time to study and understand how cryptocurrencies work.

In reply to a Right to Information query filed by a local lawyer with the Twitter handle Blockchainlaw91, the bank revealed that its decision to ban cryptocurrency-related accounts in the country was made without due consultation or study.

How It Started

India’s central bank, the Reserve Bank of India, started warning its citizens against the dangers of investing in cryptocurrencies in 2013, which was followed by two other warnings in 2017, before coming down hard on the industry earlier this year.Read more...

According to a team of Indian lawyers, the Supreme Court of India refused request for a temporary injunction against restrictions imposed on banks regarding cryptocurrency by the country’s central bank. The Reserve Bank of India (RBI) issued a circular essentially banning crypto services, which will remain in place at least until a formal hearing.

There is an upsurge in the cryptocurrency trading volume in India. This increase is occurring despite the crypto ban issued by the Reserve Bank of India (RBI) in April 2018. As a result, crypto stakeholders remain confident that the market will continue to flourish even after the ban officially takes effect in July 2018.

Increase in Prices and Daily Trading Volume

Crypto prices and daily trading volumes have increased in the aftermath of the RBI ban. According to Reuters, the average price of bitcoin in India is $ 9,270. This figure is significantly higher the average bitcoin price in the few days after the RBI announcement which was $ 5,250. The average crypto trading volume in the country has also increased. According to Pune, a crypto exchange platform based in India, daily trading volume has reached $ 75 million. Read more...

In what may be the biggest virtual currency exchange heist in India to date, 438 bitcoin (BTC), currently worth $ 3.5 million, have gone missing from Coinsecure, and the exchange thinks an employee has run off with the money.

In a statement posted on the exchange’s website on April 12, 2018, Coinsecure said the exchange was not hacked, but that bitcoin disappeared when bitcoin gold (BTG), a “coin” resulting from a split in the Bitcoin blockchain, was being extracted to distribute to Coinsecure customers. Read more...

The Reserve Bank of India (RBI) has officially ordered all regulated entities to refrain from providing services to any and all businesses involved in the dealing of digital currencies — including, of course, Bitcoin.

Bitcoin Ban

The announcement comes via an official press release issued by The Reserve Bank of India (RBI).

Unsurprisingly, the RBI positions itself as merely looking out for consumers’ interests, while also citing the frequently used claims that cryptocurrencies are simply tools for criminals and those looking to undermine market integrity. Read more...

This is a preview of RBI Bans India’s Financial Institutions from Cryptocurrency Related Business Dealings – Ulterior Motives at Play?. Click Here To Read the full post

Singapore—March 17, 2018—Singapore based Blockchain Technology XinFin recently announced its association with KoinOK. KoinOK is proudly building the most customer-focused cryptocurrency platform in India and XinFin aims to solve a critical problem of bridging infrastructure deficit using blockchain technology. Xinfin rated as most enterprise friendly blockchain protocol by fortune 500 companies. As a part of this collaboration, KoinOK and XinFin are planning to airdrop over 5 million XCDE utility tokens for free as a part of their referral program with an aim to bring more Indians to participate in the blockchain revolution.Read more...

Visakhapatnam, also known as Vizag, may be a picturesque little coastal city but if all goes according to plan, it could become India’s FinTech hub.

Chief Minister of the Indian state of Andhra Pradesh, Chandrababu Naidu, is no stranger to transforming cities into veritable tech hubs. First Hyderabad, which houses the country’s Google and Facebook headquarters, and now Vizag.

According to Forbes, Naidu, as the chief architect of the FinTech Valley Vizag initiative, hopes to turn the city into a first-rate FinTech ecosystem luring entrepreneurs, businesses, investors, academic organizations and of course, government. Read more...